Direct-to-consumer luggage brand Mokobara has secured $12 million (Rs 100 crore) in a Series B funding round led by Peak XV Partners (formerly Sequoia Capital India). This marks the company’s first funding round in 2024. Existing investors Sauce VC and Saama Capital also participated in the round. According to regulatory filings with the Registrar of Companies, Mokobara’s board has approved the issuance of 4,183 Series B compulsory convertible preference shares (CCPS) at an issue price of Rs 2,39,110.51 per share, raising Rs 100 crore.
Peak XV Partners contributed Rs 78.26 crore to the round, while Sauce VC and Saama Capital invested Rs 15.47 crore and Rs 6.29 crore, respectively. Startup intelligence platform TheKredible values Mokobara at approximately Rs 700 crore ($84.5 million) post-money. The company has raised a total of $23.6 million to date, including a $3.6 million funding round in October 2023 from Saama Capital, Sauce VC, and Alteria Capital.
Founded in 2020 by former Urban Ladder executives Sangeet Agrawal and Navin Parwal, Mokobara offers a diverse range of travel accessories, including wallets, travel bags, kits, and sling bags. Following the completion of the funding round, Peak XV Partners holds an 11.18% stake in Mokobara, while Saama Capital and Sauce VC own 14.32% and 19.41% stakes, respectively. Mokobara’s revenue from operations increased by 4.4 times to Rs 53.27 crore in FY23 from Rs 12.18 crore in FY22. However, the company’s losses rose by 78.5% to Rs 8.21 crore in FY23, compared to Rs 4.6 crore in FY22.